EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES Computation of Ratio of Earnings to Combined Fixed Charges

Exhibit 12.1

 

Marathon Oil Corporation

Computation of Ratio of Earnings to Combined Fixed Charges

and Preferred Stock Dividends

TOTAL ENTERPRISE BASIS—Unaudited

(Dollars in Millions)

 

    

Six Months

Ended

June 30

    Year Ended December 31
     2003
    2002
    2002
    2001
    2000
    1999
    1998

Portion of rentals representing interest

    $ 30    $ 30    $ 66    $ 54    $ 50    $ 47    $ 51

Capitalized interest, including discontinued operations

      18      7      16      27      19      26      46

Other interest and fixed charges, including discontinued operations

      155      144      316      349      375      365      318

Pretax earnings which would be required to cover preferred stock dividend requirements of parent

      —        —        —        12      12      14      15
    
  
  
  
  
  
  

Combined fixed charges and preferred stock dividends (A)

    $ 203    $ 181    $ 398    $ 442    $ 456    $ 452    $ 430
    
  
  
  
  
  
  

Earnings-pretax income with applicable adjustments (B)

    $ 1,335    $ 629    $ 1,442    $ 3,212    $ 1,807    $ 1,864    $ 1,084
    
  
  
  
  
  
  

Ratio of (B) to (A)

      6.58      3.48      3.62      7.27      3.96      4.12      2.52